Fuling Global, a Chinese producer of disposable plastic cutlery and other food service products, lowered the proposed deal size for its upcoming IPO on Friday.
The Wenling, China-based company now plans to raise $25 million by offering 5 million shares at a price of $5. The company had previously filed to offer 5 million shares at a range of $5 to $7. At the midpoint of the revised range, Fuling Global will raise -17% fewer proceeds than previously anticipated.
Fuling Global, which was founded in 1992 and booked $91 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol FORK. Burnham Securities is the sole bookrunner on the deal. It is expected to price during the week of October 5, 2015.
